Shares of Ranbaxy Laboratories dipped by nearly 7 per cent on Monday following reports that the company’s manufacturing facility at Mohali has come under the USFDA’s scanner.
Shares of the drug firm in intra-day trade lost 7.56 per cent to Rs. 323, its 52-week low on the BSE. The stock finally ended 6.85 per cent lower at Rs. 325.50.
On the NSE, the stock tanked 6.99 per cent to close at Rs. 324.80.
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“The stock has been under pressure due to charges levied by USFDA. The reports which say that even other plant is being looked by USFDA have brought more selling pressure on the stock”, said Milan Bavishi, Head - Research, Inventure Growth and Securities.
As per the media report, the U.S. Food and Drug Administration (FDA) is learnt to have issued a Form 483 to the company’s manufacturing facility at Mohali a few months ago after finding deviations from norms during an inspection of the plant.
A Form 483 is issued by the FDA at the conclusion of an inspection to notify the company of objectionable conditions that might be in violation of the U.S. Food, Drug and Cosmetic Act and related laws. However, it does not prevent a company from making regulatory filings from that unit, the report said.
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